December export grows 5.7% to 21-month high

Merchandise export grew in December for a fourth straight month and was at a 21-month high in absolute terms. Led by a spike in oil prices and improved competitiveness from a weaker rupee, amid muted global demand.

Import growth moderated to a four-month low, owing to sharp decline in that of gold.

Export grew 5.7% in December and import by 0.5%, compared to the year-ago period, leaving a trade deficit of $10.3 billion, showed data issued by the ministry of commerce and industry on Friday. Outbound shipment was $23.8 billion, the highest in close to two years; it was $20